z31maniac wrote: < I called about a "lot/land loan" just this week. The APR is ridiculous, even for a young couple with a 750+ credit score and 100k+ gross/yr. Think 7.2% for the best qualified, so even a $50k lot (remember land in OK is CHEEEAAAAP compared to most of the country) = a $600/month payment for a 10yr loan, or almost $900/month for a 5 year loan. Our current mortgage is $800/month, nothing down, on a 1200sq ft house on 1/3 acre. Buying land doesn't make much sense unless you're buying a big parcel.
Financing land doesn't make sense. Buying land does.
